S&P 500 continues to grind to the upside

The S&P 500 continues to grind to the upside, as we have reached towards the significant 2740 handle. This area has caused resistance recently, and that should continue to cause more. However, I do think that we break above there and continue to go much higher. There is an obvious psychological resistance barrier at the 2750 handle, but I think it’s short-term at best and I believe that every time we pull back it’s likely that we will find buyers jumping into this market place to take advantage of dips and of course value. Because of this, I am bullish to the S&P 500, but I like looking for the short-term dips to get involved.

Below, I see the 2700 level underneath as offered a bit of a “floor” in the market, and I believe that we will continue to see that offer quite a bit of buying pressure. I believe that ultimately we are going to the 3000 handle above, but it’s in the take a long time to get there. With the US and the Chinese looking to avoid some type of trade war, it makes sense that stock markets in general will continue to rally as it is a bit of relief just waiting to happen. If we did somehow break down below the 2700 level, that would be catastrophic for this market, but I don’t see that happening anytime soon. Longer-term buyers will continue to buy-and-hold and of course add to their position on short-term dips.

S&P 500 Video 23.05.18